Setting the direction for TBD
About a month ago, we reported on a new division of Square – TBD. At the time, Dorsey didn’t give any far-reaching details about the new remit coming to the company.
The only thing that was certain was that it would have something to do with Bitcoin and cryptocurrencies. Dorsey only elaborated on the fact that he wants to facilitate the creation of non-depository, permission-free, and decentralized financial services.
Building a DEX
As of yesterday, Friday, Aug. 27, 2021, Dorsey posted another tweet revealing more specific information about TBD’s specific mission. The department’s path is now set – the challenge will be to build a decentralized exchange (DEX). This is to be developed completely open source.
We have set the direction of [TBD]. [The department] will help us build an open platform to create a decentralized exchange for bitcoin.
The course being taken by Dorsey was elaborated on by TBD’s department head, Mike Brock. He said that there had been long discussions as to which direction TDB should take. These issues are now a thing of the past and concrete plans are being made to implement the DEX.
‘We believe in Bitcoin becoming the currency of the internet. While there are several projects trying to make the Internet more decentralized, our focus is on creating a healthy global economic system for all.